"There could be lectures, there could be award ceremonies, there could be piano and dance recitals, also big concerts, so there's just no end to what could happen here," said resident John Riso.

Selfridge has scheduled meetings with nonprofits to discuss fundraising opportunities for the 87-year-old theater.

She said a sales tax increase to help the theater is out of the question.

"Libby and I have guaranteed that we will not ask for a sales tax to purchase this building. So we're still looking at ways to maybe borrow from a different fund in the city and start paying it back once the city actually purchased it," said Selfridge.

The current owner, Warren Dewey, is selling the theater for $5 million.